Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the three months ended March 31, 2022.
Selected Financial Highlights:
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|
Three month period ended March 31 |
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US$ millions |
Before exceptional items 2022 |
Exceptional items |
Total 2022 |
Total 2021 |
|
Total Revenue |
298.0 |
- |
298.0 |
307.5 |
|
Adjusted Profit Before Tax (1) |
45.5 |
(576.5) |
(531.0) |
25.0 |
|
Adjusted Net Income (1) |
46.6 |
(537.9) |
(491.3) |
24.4 |
|
Cash flow from operating activities |
357.0 |
- |
357.0 |
218.0 |
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Adj. Pre-Tax Profit Margin (1) |
15.3% |
|
NM |
8.1% |
|
Adj. Pre-Tax Return on Equity (1) |
6.1% |
|
NM |
3.4% |
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|
|
|
|
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|
|
|
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As at |
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US$ millions |
|
|
Mar 31 2022 |
Dec 31 2021 |
|
Total Assets |
|
|
11,644.0 |
12,609.6 |
|
Net Loans and Borrowings |
|
|
7,494.4 |
7,813.7 |
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|
|
|
|
|
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Available Liquidity |
|
|
2,563.1 |
2,910.3 |
|
Net Debt-to-Equity |
|
|
2.86x |
2.54x |
|
Unsecured Debt Percentage |
|
|
70.8% |
69.8% |
- 2021 results are adjusted to exclude one-time bond redemption costs of US$16.1 million incurred during the three months ended March 31, 2021.
Selected Business Highlights:
- Net Income before exceptional items increased by 91% to US$46.6 million
- Cash flows from operating activities increased by 64% to US$357 million
- Liquidity Ratio exceptionally strong at 486%
- Net Debt-to-Equity before exceptional items was 2.35x
Exceptional Items:
- Net write-off of aircraft with airlines in Russia and no longer in the Company’s control of US$537.8 million
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our financial results for the first quarter of 2022 demonstrate the underlying strength of DAE’s franchise, and the continuing demand-led recovery of global air travel. We continue to see a trend toward air travel normalcy with all major indicators pointing toward a strong summer season ahead for our airline customers.
“We proactively addressed the loss of control of our aircraft on lease to airlines in Russia by writing off our net investment. We have filed claims of US$1.0 billion under certain insurance policies and expect to file additional claims to recover amounts due to us. Our capital adequacy and liquidity metrics remain robust.
“DAE Engineering had another strong quarter, with its Joramco business again achieving record revenue, as well as adding and renewing a number of large maintenance agreements, including with GetJet Airlines, DHL, Ryanair, and Corendon Airlines in the quarter. We look forward to continuing to expand our engineering business.”
Webcast and Conference Call
In connection with DAE’s first quarter 2022 earnings release, management will host a conference call on May 06, 2022 at 09:00 EDT / 14:00 BST / 17:00 GST / 20:00 SGT.
The call can be accessed live by clicking here from your laptop, tablet, or mobile device, or by dialing one of the global dial-in numbers and using the following access code: 9879585.
Source: APCO Worldwide